I have been told that I need to declare bankruptcy. I went through a divorce, and got to a point where I couldn't pay my bills anymore. Because of this, I have horrible credit. 15+ write offs, including $22K credit card debt
, Short sold house for $22K short---bank forgave short sale. etc. etc.
I am now in a position where I am starting to recover. I am current on all my current bills---rent
, power, etc. I am making more money and I inherited some money.
My credit problems (defaulting on loans, bills) started in 2010. Most of my write offs/charge offs were during 2011 and 2012.
How do I determine when it makes sense to declare bankruptcy? No creditors or collection agencies
are calling me---I think they gave up. I thought that after 7 years, all of the write offs would go away?
Ok, here is my main question. My car died a week ago and I have been bumming rides from friends. I want to buy a new car---I got approval for the loan. Is it a bad idea for me to take $15,000 from CD's I inheritied that are not in my name. (they are in my Dad's because he's the administrator of the will) and buy a new car. I would be getting a loan for $12,000 + $15,000 from the CD's for a total of $27,000. Isn't this a good way to build my credit back up...paying the loan off over the next 5 years.
Or, can all the old creditors still come after me and take the new car---I would use it for work---I am in sales and travel almost every day